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In play today — PNC aims for bigger footprint; On Deck eyes entry into banking


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Commercial Banking: June 22nd Edition

In play today — PNC aims for bigger footprint; On Deck eyes entry into banking

S&P Global Market Intelligence presents a periodic summary of potential deal activity in the financial sector, including rumored transactions. This summary is based on information obtained on a best-efforts basis and may not be inclusive of all potential deal activity.


* Chicago-based Byline Bancorp Inc. is in talks to acquire Harwood Heights, Ill.-based Parkway Bancorp Inc., Crain's Chicago Business reported. The negotiations, which could still fall through, would increase Byline Bancorp's total assets to $8.05 billion, based on June 30 data from S&P Global Market Intelligence.

* Montebello, N.Y.-based Sterling Bancorp might make a portfolio acquisition by the end of 2019 or in early 2020, President and CEO Jack Kopnisky said on the bank's second-quarter earnings call. He said the company will also look for M&A opportunities in the Northeast, and management has had conversations with several banks interested in selling.

* Wheeling, W.Va.-based WesBanco Inc. is set to further expand its presence in the Maryland and Washington, D.C., region following its pending $500 million acquisition of Bowie, Md.-based Old Line Bancshares Inc., CEO Todd Clossin said on a call to discuss the deal. Clossin added that the bank will be in search of targets larger than Old Line.

* Lafayette, La.-based IBERIABANK Corp. is open to deals, and M&A could be an avenue to enhanced earnings and shareholder returns, President and CEO Daryl Byrd said on the bank's second-quarter earnings call. He added that recent transactions have spurred more deal talk among banks, reiterating a statement he made on the company's first-quarter earnings call.

* Pittsburgh-based PNC Financial Services Group Inc. aims to be a national retail bank and compete with the largest banks in the U.S., according to President and CEO William Demchak. He said the company's strategy to deal with the largest banks' market share grab is to expand in the top 50 metropolitan statistical areas over the next few years.

* Bridgeport, Conn.-based People's United Financial Inc. has no plans to slow down in the M&A lane, Chairman and CEO Jack Barnes said. People's United is set to acquire in-state peer United Financial Bancorp Inc. this year for $759 million and has closed its $552.3 million acquisition of First Connecticut Bancorp Inc. and its $328.7 million purchase of Belmont, Mass.-based BSB Bancorp Inc.

* Charleston, S.C.-based Carolina Financial Corp. will continue looking for takeover targets that will strengthen its franchise in the Carolina markets, according to President and CEO Jerold Rexroad. The company is set to acquire Lincolnton, N.C.-based Carolina Trust BancShares Inc. for $100.1 million.

Financial Services

* Deutsche Bank AG is set to auction its equity derivatives portfolio in mid-August and is in talks with Citigroup Inc. and BNP Paribas SA to sell its U.S. equities business or transfer parts of it, according to various third-party reports.

* Franklin Resources Inc. executives once again said they are open to M&A to scale the company's business, but they declined to provide a specific timeline to pursue another deal on a recent earnings call.

* Online lender On Deck Capital Inc. could apply for a national banking charter or acquire an existing national bank, company executives said.

* Raymond James Financial Inc. continues to seek M&A partners, and more potential sellers are willing to parlay, according to Chairman and CEO Paul Reilly. However, he said pricing is an obstacle in some cases.

* Charles Schwab Corp. "would be potentially interested" in M&A that is highly scalable for its wealth management business, according to President and CEO Walt Bettinger. After these comments were made, the company announced it would acquire certain USAA Investment Management Co. assets for $1.8 billion.

* India-based Edelweiss Financial Services Ltd. is in advanced talks to sell 20% of its wealth management business to Kora Management LP, The Economic Times reported, citing sources.

* Goldman Sachs Group Inc. will consider acquiring more wealth management firms, Chairman and CEO David Solomon said. The investment banking giant marked its largest purchase in two decades with its $750.0 million acquisition of United Capital Financial Advisers LLC.


* Progress toward a divestiture of Genworth Financial Inc.'s majority stake in Genworth MI Canada Inc. could finally allow for the completion of the company's sale to China Oceanwide Holdings Group Co. Ltd. However, Genworth CEO Thomas McInerney said the transaction is subject to Oceanwide's approval and could trigger responses from U.S. regulators, which have already approved the sale.

* Health Insurance Innovations Inc.'s board has begun to explore strategic alternatives, which include a potential sale of the company or certain of its businesses.

* Hub International Ltd. is in talks to acquire Global Retirement Partners LLC, LPL Financial LLC's largest retirement-focused unit, InvestmentNews reported, citing sources.

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